Should I File for Bankruptcy?

For many people, the toughest part of bankruptcy is deciding whether to file or not. Bankruptcy is meant to help people struggling with debt to get a fresh start. But not all debts are discharged (wiped out). And if your goal is to save your house or car, bankruptcy might not help you.

Before you plunge into Chapter 7 or Chapter 13 bankruptcy, do the following:

Learn about the pros and cons of bankruptcy.
Check out nonbankruptcy options for dealing with debt. You can do that here. You might find that one of these options works better for you. Or you might discover that bankruptcy really is the best way to go.
Learn about Chapter 7 and Chapter 13 bankruptcy, so you know what happens to your property and debt, and the basic filing and case process. You can learn about bankruptcy here.

Articles

What is the Downside of Filing for Bankruptcy?

The intent of bankruptcy is to provide people with a fresh financial start. For many people, bankruptcy does just that. But filing for bankruptcy is not something to be taken lightly. Be sure you understand the negative consequences of filing for bankruptcy before you take the plunge.
How Will Filing Bankruptcy Affect My Children?

Learn how bankruptcy may affect your children, including whether they'll lose property, be able to get college loans, continue receiving child support payments, and more.
Should Senior Citizens File Bankruptcy?

When considering bankruptcy, seniors and retirees should weigh their options carefully. While Chapter 7 or Chapter 13 bankruptcy can offer seniors a way to handle debt trouble, it's important to understand what bankruptcy can and cannot do. For many seniors, certain issues crop up relating to home ownership,
How much debt do you have to have to file bankruptcy?

There is no minimum amount of debt you must have in order to file for bankruptcy relief. While the amount of your debt is an important factor to consider, there are other more important factors to take into account in determining if a bankruptcy filing is in your best interest. These include:
Can I Join the Military If I File for Bankruptcy?

Depending on the branch of the military you wish to join and your particular circumstances, you may need to meet certain financial eligibility requirements before you can enlist in the armed forces. In most cases, a bankruptcy filing will not automatically prohibit you from joining the military. But

Questions and Answers

What Happens to Mortgages in Bankruptcy

A major concern for most homeowners who are contemplating bankruptcy is how bankruptcy will affect their mortgage. The good news is that your mortgage company cannot raise your interest rate or change other terms of your loan to punish you for filing bankruptcy. But there are several other things you should know about how fi
Can You Stop IRS Wage Garnishment by Filing for Bankruptcy?

If the IRS has garnished your wages for unpaid taxes, filing for bankruptcy can give you some relief. It's only temporary, however: Bankruptcy doesn't wipe out most tax debts.

Talk to a Lawyer

Need a lawyer? Start here.

How it Works

Briefly tell us about your case
Provide your contact information
Choose attorneys to contact you

Copyright © 2019 MH Sub I, LLC dba Nolo ® Self-help services may not be permitted in all states. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Your use of this website constitutes acceptance of the Terms of Use, Supplemental Terms, Privacy Policy and Cookie Policy.